Self Storage Millionaire

This is the Part V of the Series: Why Invest in Self Storage?

MINIMAL REQUIREMENTS: If you want to invest in self storage, you don’t need a Bachelor’s Degree or a high balance in your bank account. You don’t need to have 40 hours a week available to commit to the investment. You don’t need skills in managing a multi-million dollar company or access to the president. All you need is the willingness to learn, the dedication to achieve your goal, and the resources to find the information you need. Topics you want to consider when thinking of starting a self storage business are:

• Self Storage Investment Strategies
• Financial Analysis
• Market Analysis
• Picking a Location
• Construction of a New Facility
• Management

Stay tuned on this site, or get the book for more information on all of these topics!

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If the customers are finding you on the internet, you might as well get your self storage business into the internet too!

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This is part IV in the series, Why Invest In Self Storage?

The Self Storage Business is a SIMPLE Business!:

We have owned several different types of businesses over the years. We have had a construction business, a motel, several single family rentals, and a customer service business. I am here to tell you that a self storage business is relatively simple. There are no plumbing issues to deal with, no sob stories about the kids going without Christmas (and other excuses given when rent is late), no subdivision process to navigate, and very minimal (or no) employees to manage. When a self storage tenant is late, you simply lock them out. They will either pay the bill to get access to their possessions or you will eventually sell their possessions through an auction. Once they do move out, there are no carpets to clean (or replace), no appliances to fix, no applications to review in order to fill the space again.

The Self Storage Business is a Simple Business. Investing in self storage allows you to get on with the business of living your life!

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In my little corner of the world, I rarely hear about self storage businesses in other parts of the world. A few days ago, this story came out about a self storage business in the UK.

Looks like they are doing well dispite their housing downturn. According to the article revenue is up 7%!

Self Storge REIT Big Yellow Group Refinances

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This is part III in the series, Why Invest in Self Storage?

VERSATILE: Self Storage can meet you where you are.

LEVELS OF ENTRY: If you are just getting started and have little capital, you can start a small facility and build it in stages. This allows you to get started with little to no capital. The Self Storage business has a low barrier of entry.

On the other hand, if you have already made money and simply need a place to put it in order to earn a decent return, an existing, stable self storage facility can provide you with a nice return on your money. There are opportunities for self storage facilities in every corner of North America – and the industry is expanding world wide.

REASON FOR INVESTING: There are several different strategies you can implement in your self storage business plan. You can put a strategy in place that grows your net worth and capital quickly – or you can go with a plan for passive residual income. For more specific information on specific investment strategies, buy the book!

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The Inside Self Storage Expo is right around the corner!

The Expo will be Hosted at the Gaylord Opryland Resort and Convention Center in Nashville, Tenn., Oct. 7-10, If you are starting a self storage business, attending this expo will give you a jump start!

For more info, go to: Self Storage Expo

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This is part two in the series, Why Invest in Self Storage?

Today….

SELF STORAGE IS RECESSION RESISTANT: Historically, the self storage industry does better during a recession than many other kinds of real estate. When the economy goes through a downturn, people will often downsize their housing, but they don’t want to part with their possessions. Self Storage becomes the answer for them. Recessions also often mean that a larger number of the population will move. People find themselves needing to relocate to find a new job, or to live in an area with a lower cost of living. This too, increases the demand for self storage facilities.

Of course, nothing is guaranteed. Some self storage businesses have seen a fall off in business during a recession. Why? Some families choose to tighten the belt and eliminate the “disposable” expense. However, when this occurs, it is often less pronounced then you see in many other sectors. In fact, The Motley Fool has identified a few stocks that “Took a Hike” – - and wouldn’t you know it? Two of the Four mentioned in the article are Self Storage Businesses!

This is Part II in the Why Invest in Self Storage series.

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If you are interested in starting a self storage business, you have come to the right place.  Read the blog, join the forums to ask our self storage insiders,  network with other’s interested in self storage,  and submit a pre-order form for the book! Welcome to Self Storage Millionaire!

Each quarter, MiniCo Publishing, The Parham Group, and Cushman & Wakefield, Inc put out a survey to self storage owners. The results are complied and put into what they call the Self Storage Confidence Index.

A survey such as this is interesting, because it really isn’t about “hard data.” Rather, it is about how current owners feel about the future of their business. There is some value in that, I guess – but it is important to distinguish between how current owners “feel” about the future, and what is actually occuring.

Take the topic of rental rates, for example:

In the 3rd quarter results, 59.6% of owners felt that rates would go up. Another 23% felt that rates would remain the same. 17.3% felt that rates would go down. Interesting to know, but the report goes on to reveal:

“Comparing second quarter 2008 with the same quarter 2007, 51.4 percent of respondents indicate rental rates have increased, and a third indicate rates have stayed constant. Of the respondents, 12.3 percent report rate decreases from the same quarter last year. All these figures are slightly down from last quarter’s year-to-year figures.”

That information just packs more of a punch for me. I would rather know what is actually happening.

Get the entire report at:  http://www.selfstorageconfidenceindex.com/US_3Q.html

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Over the next few days, I will be posting a series – - reasons to consider investing in a self storage business.

Reason #1 to Start a Self Storage Business:

PASSIVE INCOME: Many people that are interested in real estate are really interested in passive income. A Self Storage business can provide a fairly passive and stable income for investors. Many people have used a self storage business as a retirement plan. They buy or start a self storage business during their working years, then live off the income when they reach retirement age.  Other’s have a more aggressive investing plan.  They may develop  multiple self storage businesses so that they see the payoff more quickly.

While managing a self storage business does take some work, it is not as labor intensive as owning a residential investment property, and most of the work is easily taken care of with either an employee or technology.  It is pretty easy to make your self storage business a passive income generator.

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